Chevron to cut up to 20 percent of workforce by 2026
In an effort to reduce expenses, Chevron announced Wednesday that it plans to lay off up to 20 percent of its company-wide workforce, potentially including those employed at Richmond's 123-year-old refinery.
Mark Nelson, Vice Chairman of Chevron Corporation, said Chevron is taking action to simplify its organizational structure and position the company for stronger long-term competitiveness.
"We believe changes to the organizational structure will improve standardization, centralization, efficiency, and results, unlocking new growth potential and helping Chevron drive industry-leading performance now and into the future," Nelson said.
When asked if the planned layoffs would directly impact employees at the Richmond Refinery, a Chevron spokesperson told Grandview, "We expect fewer positions across the entire company."
"These reductions are in line with our previous announcement of $2 to $3 billion in targeted structural cost reductions by the end of 2026, with some residual impact in 2027 and beyond," Nelson said. "We do not take these actions lightly and will support our employees through the transition."
Chevron announced last August that it planned to relocate its headquarters from San Ramon, where it has been based for the last twenty-three years, to Houston, Texas, as part of a planned migration of its corporate team out of California.
Linda Hemmila
Chevron says that responsible leadership requires taking these steps to improve the company's long-term competitiveness for its people, shareholders, and communities.
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